Monday, August 07, 2017

Mass Tax Effect

De Blasio unveiled Monday a plan that would saturate NYC’s public transportation with $700 million to $800 million to fix existing problems and maintain the mass transit system, which includes an extensive subway system and a fleet of buses.

The New York Post reported that de Blasio has proposed a 14 percent income tax hike on the city’s wealthiest residents to pay for his infrastructure plan.

That tax hike would apply to individuals earning more than $500,000 per year or married couples earning more than $1 million per year. The tax rate would jump from 3.876 percent to 4.41 percent annually. That means for an individual making $1 million a year, they would pay $2,700 more to the city annually. The plan would affect an estimated 32,000 city residents, de Blasio said in a statement released by city hall.